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World Bank recommends privatization of few public sectors
The World Bank has advised Kuwait to privatize a few public sector authorities and increase the percentage of national manpower in the private sector, so as to cut inflation, and prevent large deficit in the national budget.
The Bank, in its report to the Cabinet, stated that if the oil prices were to reduce, the state budget will have a huge deficit, which could lead to an economic disaster. Therefore, to prevent such a scenario, the bank has called on government to privatize many government bodies.
The Bank, pointing towards other Gulf countries that went through the privatization process, said that this would shift the surplus employees in the government departments to the private sector, and minimize inflation.
In the meanwhile, the high-ranking government sources, said that the Economic and Finance Committee in the Cabinet is trying to find a solution to inflation. The government will motivate citizens to work in the private sector, and also revoke the Privatization Law, which was inactive since 1998.
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